National Tsing Hua University Scientific Research Industrialization Platform of Five Universities Alliance
  • 2021 May 03
  • Driving innovation in Taiwans financial industry: Deloitte in collaboration with National Chengchi University provided 10 development recommendations
In order to understand the trends and differences in financial technology between Taiwan and the world, as well as the perspectives and strategies of financial companies, and to propose corresponding solutions for industry development, National Chengchi University (NCCU) and Deloitte jointly published the "2021 Trends and Future Prospects of Taiwan FinTech Report" on April 20, in which experts from the financial industry were invited to discuss and share their experiences.
The FinTech Research Center at NCCU has been dedicated to trend analysis in financial technology over the years. NCCU has published, in collaboration with Deloitte, the "2021 Trends and Future Prospects of Taiwan FinTech Report", the first report of its kind in Taiwan. To secure a deeper understanding of the current situation and the issues in Taiwan's financial technology, NCCU and Deloitte conducted in-depth interviews with 10 financial institutions, compiled information on the industry's level of preparation in FinTech and the potential challenges, and provided industry transformation strategy and policy advices, by referring to the international development experience in FinTech worldwide. Professor Wang Lee-ling, Director of the FinTech Research Center at NCCU, pointed out that when it comes to the application of important financial technologies, Taiwan’s current focus is on AI, the Cloud, identity verification, etc. Open banking and data sharing can be beneficial to financial institutions’ potential for cross-company and cross-industry development. Therefore, the industry is hopeful for a major breakthrough in terms of regulation for data sharing, Cloud services and Regtech. In addition, this Report also provided 10 recommendations for Taiwan's future regulation development, in accordance to future trends, these recommendations include, creating a data empowerment mechanism to facilitate data sharing, establishing data exchange centers and “de-identification” standards for personal data, enhancing data governance to promote a cross-industry data sharing platform, establishing a dedicated API management unit and TSP mechanism for open banking, taking inspiration from international legislation and prescribe new regulations for Big Data and AI in order to facilitate innovation, encouraging the industry to embrace new techniques and create new value, implementing new technologies to improve Regtech compliance, accelerating the robustness of support measures for Cloud environments, expanding the financial industry's application scope for pilot programs so as to boost FinTech innovations, and creating a prosperous academia-industry collaboration platform to cultivate FinTech talent. It is expected that all sectors will work together to drive innovation under the FSC's policies, and create a new ecosystem for Taiwan's FinTech.
The development of Taiwan's FinTech will face more digital transformation challenges in the post-pandemic era, according to Director Wang Lee-ling, and driven by the FSC's policies, Taiwan's FinTech is expected to continue its growth. Currently, there is a supply deficiency in skilled labor as the demand for FinTech personnel in Taiwan increased rapidly. Chengchi University expects that by actively promoting innovative R&D and educational platforms together with Deloitte, combining industry experience with top class academic research, new FinTech industrial values and employment opportunities are created to cultivate international competitive financial services and innovative talent for Taiwan.